Affordability fears hit almost half of UK adults

Can I survive the next twelve months?
Key statistics

• 46pc of the UK adult population say that simply being able to stay afloat is their chief financial concern over the coming 12 months

• 38pc of the population describe themselves as pessimistic in relation to their financial standing over the coming 12 months

• Pessimism is highest among the over 55s (41pc)

Independent research commissioned by credit reference agency Callcredit has revealed that 46pc of the UK's adult population say that simply being able to afford to live - making ends meet and servicing current debt levels - is their number one financial challenge over the coming 12 months. This is over ten times the number of people who say they are most concerned about getting a mortgage or the risk of redundancy (4pc respectively).

Owen Roberts, head of Callcredit Check, comments

"The sharp rise in the cost of fuel and food combined with fears over falling house prices are impacting our attitudes towards our finances. It appears that people are most concerned about short term survival in light of spiralling costs and many can't see the situation improving over the coming 12 months - this is especially true of the older generation who may have been hardest hit by rising bills."

Women are more concerned about surviving the financial downturn than men (50pc vs 41pc) and concerns are highest among the 35 - 44 age group (57pc).

Almost four out of ten people (38pc) describe themselves as pessimistic about their finances over the next 12 months compared to one in five people who are optimistic. Negativity peaks among the over 55 age group with 41pc describing their attitude as pessimisistic.

"In order to get a better understanding of their financial commitments and to see where savings could be made, we'd advise consumers to get a copy of their credit report," adds Roberts. "Consumers who are concerned that they can no longer make ends meet should speak with their lenders before things become unmanageable or an independent organisation such as the Consumer Credit Counselling Service to work out the best way forward."

Research information

All figures, unless otherwise stated, are from YouGov Plc. Total sample size was 2,048 adults. Fieldwork was undertaken between 30th May - 2nd June 2008. The survey was carried out online. The figures have been weighted and are representative of all GB adults (aged 18+).

About Callcredit

• Callcredit (www.callcredit.co.uk) is the UK's most innovative, state-of-the art credit reference agency, with an extensive range of information and value added services for businesses and individuals.
• Callcredit Check provides consumers with online access to the details of their credit file at www.callcreditcheck.com
• Callcredit has harnessed state-of-the-art information technology with an unrivalled knowledge of the industry's needs to develop a range of innovative information solutions. Solutions that are enabling major lenders and a host of other blue chip companies to address regulatory requirements, make better credit decisions, target new customers more effectively and manage existing customers more profitably.
• Callcredit is one of six core businesses that form the Callcredit Information Group. The other five are:
• Database management company EuroDirect
Market analysis firm GMAP Consulting
• Online payment service provider, Legatio
• Scorecard development and affordability assessment specialist DecisionMetrics
• Marketing services and database specialist, Broadsystem
• Following the publication of Sir James Crosby's report, Callcredit has joined forces with the other two UK credit reference agencies to offer expert advice for victims of ID fraud. This joined up approach will mean that victims can contact Callcredit who will then alert the other two agencies to the fraud on their behalf. Our ID fraud team will also work with victims to contact all lenders and ensure that fraudulent information is removed and the consumers' credit history is fully restored.